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I I I Council Meeting Minutes June 13, 1989 Page 10 Council Business, continued On November 22, 1988, the Council extended the development agreement through January 31, 1989, to allow CBA, Ltd. additional time to seek alternate financing. Meanwhile, staff was working to clear a title problem on the site. Mr. Svee has obtained financing for the project and feels the title problem should be resolved before the closing. The City will have clear title to the property on July 3, 1989. . Jim O'Meara, Bond Counsel, suggested an amendment to the existing agreement be drafted. The amendment would allow Mr. Svee until July 14, 1989, to close on the property and commence construction on that date. The closing date is not negotiable and the agreement will terminate on that date if the land transaction does not occur. Mr. Svee feels comfortable with the second amendment, but requested the closing date be changed to July 31, 1989, because he will be out of the country during the first part of July. Staff does not feel the extension would be a problem, but feels that should be the final extension. Gunderman asked the status of the title proceedings. Locke said the gap problems are being resolved through condemnation and will be completed on July 3, 1989. Benke asked Mr. Svee if he felt there woul d be any unforeseen problems. Mr. Svee said the background work has been completed and has received assurance from the title insurance company. He stated that if he is unable to meet the July 31st deadline --- he would willingly agree to termination of the redevelopment agreement. Benke said he supports the extens ion, but feels, in the best interest of the City, this should be the final extension. Motion by Gunderman, seconded by Williams, WAIVE THE READING AND ADOPT THE RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A SECOND AMENDMENT TO THE CONTRACT FOR PRIVATE DEVELOPMENT WITH CBA RESIDENTIAL DEVELOPMENT, LTD., AND THE JULY 31, 1989, CLOSING DATE EXTENSION. 4 Ayes - 0 Nayes, Motion Carried Council Business Amendment to Contract for private development with Jerry Svee Report 89-161 Resolution 89-81 David Fridgen, City Sanitarian, presented for consideration the Recycling Contractor recycling contract with E-l Recycling, Inc. Agreement Report 89-162 Super Cycle, who formerly contracted with New Brighton, went out of business on May 31, 1989. The City identified three companies who were interested in servicing our area.